Sensex, Nifty Clock Worst Day In Over A Month
Closing Bell: Sensex Drops Over 550 Points Dragged By RIL, HDFC
Indian equity benchmarks clocked their biggest single-day drop since Oct. 11 ahead of outcome of state elections amid a global market selloff.
The S&P BSE Sensex fell 1.6 percent or 572 points to 35,312 and the NSE Nifty 50 Index dropped 1.7 percent or 182 points to 10,601.
Investors are taking profits after a good rally ahead of outcome of state elections, AK Prabhakar, head of research at IDBI Capital told BloombergQuint over phone. Selloff in equity markets across the globe also added to the selling pressure in India, he added.
All 19 sector gauges compiled by BSE ended lower led by the S&P BSE Energy Index's 2.35 percent fall.
Mid- and small-cap stocks were in-line with their larger peers as the S&P BSE MidCap Index dropped 1.5 percent and the S&P BSE SmallCap Index tumbled 1.4 percent.
Support For Nifty In Range Of 10,615-10,440: Jai Bala
Nifty is in the middle of a correction up to 10,490-10,440 levels, Jai Bala of cashthechaos.com told BloombergQuint.
Support on downside for Nifty is in range of 10,615-10,440 levels while on the upside it faces resistance at 10,930, Bala said. He expects Nifty to touch record highs past 12,400-12,600 by middle of 2019.
Market Update: Sensex Plunges Over 500 Points, Nifty Tests 10,600
Indian equity benchmarks extended losses dragged by Reliance Industries, Infosys and Maruti Suzuki.
The Sensex plunged 502 points or 1.4 percent to 35,381 and the NSE Nifty 50 index dropped 1.5 percent or 162 points to 10,622.
The market breadth was extremely negative as nearly 1,800 shares were declining while a little over 600 shares were advancing on the BSE.
Gati Falls For Ninth Straight Day, Posts Longest Losing Streak In 16 Years
Shares of the Secunderabad-based courier service provider fell for ninth session in a row posting its longest losing streak since October 2002, according to data compiled by Bloomberg.
The stock in last nine sessions has plunged 11.27 percent to Rs 80.70.
Rallis India, Alkem Labs Among Stocks On Heavy Volumes
- Galaxy Surfactants: The Navi Mumbai-based chemical maker rose as much as 0.77 percent to Rs 1,180. Trading volume was 15 times its 20-day average.
- Alkem Labs: the Mumbai-based pharma company fell as much as 1.36 percent to Rs 1,890. Trading volume was more than nine times its 20-day average.
- Vakrangee: The Mumbai-based banking and financial services provider rose as much as 4.97 percent to Rs 39.05. Trading volume was more than nine times its 20-day average.
- Rallis India: The Tata Group fertiliser maker rose as much as 1.64 percent to Rs 170. trading volume was eight times its 20-day average.